In the Autumn Budget yesterday, Chancellor, Philip Hammond provided the largest boost to R&D support for 40 years with a further £2.3 billion allocated.
The Government has set out a long term plan to boost UK productivity which sees “an economy driven by innovation that will see the UK becoming a world leader in new and emerging technologies”.
Philip Hammond said that this additional boost represented “the first strides towards the ambition of our industrial strategy to drive up R&D investment across the economy to 2.4 per cent of GDP”.
Government action at this Budget to boost productivity includes:
Transport: £1.7 billion new transforming cities fund through the NPIF to improve connectivity and support jobs across England’s great city regions
Research and Development: The largest boost to R&D support for 40 years with a further £2.3 billion investment from the NPIF in 2021-22
Long Term Investment: Unlocking over £20 billion of patient capital, over the next 10 years so that innovative high-growth firms can achieve their full potential
Emerging Tech: Leading the world in developing standards and ethics for the use of data and AI, and creating the most advanced regulatory framework for driverless cars in the world
Skills: Creating a new partnership with industry and trade unions to deliver a National Retraining Scheme, giving people the skills they need throughout life to get a well-paid job, and equipping young people with the science, technology, engineering, and maths (STEM) skills to become innovators of the future*
We have seen in figures from earlier this year that of the 22,445 claims across the UK totaling £2.45bn in tax benefits, only 2,200 claims came from companies in the North West and resulted in just £130m received in tax benefit.
If you are unsure if your business qualifies for this generous incentive, contact us for a free, no obligation chat with one of our experts.
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